Litecoin is an Internet cryptocurrency similar to Bitcoin, marketing itself as a complementary commerce to the well-known digital payment method. Rising in popularity for its less volatile nature, Litecoin has started to be accepted at several online casino websites we recommend to players around the globe.
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What is Litecoin?
Litecoin is an open-source peer-to-peer cryptocurrency, a form of virtual money which only exists in the digital space. It holds genuine monetary value as the fifth largest true cryptocurrency and can be used in online payments, including at certain online casino websites.
Litecoin started in 2011 and functions as a fully decentralized payment network without any management from a bank or other traditional authority, similar to Bitcoin. According to their official website, Litecoin runs off “Mathematics [which] secures the network and empowers individuals to control their own finances” as a “leading math-based currency”.
While you may not have heard of Litecoin in comparison to the more widely known Bitcoin, which has broken into the mainstream for a number of years now, Litecoin has some equally impressive industry support and recognition in the online space. It is a fully legitimate form of currency to use for digital purchases, online shopping and to fund real money betting activities at Internet casinos.
How do I acquire or mine Litecoin?
Explaining the concept of mining for Litecoin specifically and other cryptocurrencies in a few sentences never really works out. It is an extremely complex concept with lengthy mathematical formulas involved which deserves its own article, but for the sake of brevity we will try to break down how mining Litecoin works for beginners.
Mining is the process of acquiring digital coins you can send through the Internet to pay for items or use as a funding method for online betting. Because the Litecoin brand of money is not the type to be physically printed, it is instead discovered via a digital mining process. Computers around the world ‘mine’ for Litecoins by competing with each other in a large interconnected network, and miners are awarded Litecoins for regularly verifying transactions related to the service, which are recorded in a public ledger.
Litecoins can be bought with traditional currency like USD, EUR or GBP. Whichever way you acquire Litecoins, you need to have a wallet to store them. For Litecoin, you can download the wallet service which connects to Litecoin’s servers on the official website.
How do I use Litecoin to deposit funds at an online casino?
Depositing money into your online casino account via Litecoin is essentially the same as using a virtual e-Wallet service or online banking portal to transfer funds. Because your Litecoin ‘wallet’ is entirely digital, all you have to do is select Litecoin in the list of deposit options at compatible online casinos supporting the service, which then reaches out to the Litecoin servers and processes your payment. The following online casinos currently have Litecoin as a deposit option:
Your online casino should immediately inform you the Litecoin transaction was processed and your casino account should be credited right away with the amount you desired. From here, you can start playing the very best real money slot machines, card games, live dealer, table games and more.
Litecoin payments have virtually zero fees associated with transactions and allow players to retain their privacy, as you are not linking personal bank accounts or credit card information to an online casino – just your digital Litecoin wallet. If you want to use Litecoin as your primary funding method for betting at Internet casinos, we recommend to combine it with the use of a secure VPN service (Virtual Private Network) for additional anonymity and security.
Which countries is Litecoin available?
Litecoin transcends geographical barriers as a digital wallet service available to pretty much anyone that has Internet access. This is a major advantage for real money players in countries where traditional banking methods might not be allowed to process your online casino transactions, or regions with less secure options than normal.